161% increase in Olympic property searches

With the Olympic Games set to start in London on July 27th, property searches for rented accommodation during the event have gone up by 161 per cent over the past month, says Zoopla.co.uk.

The property website has revealed a recent surge in search terms containing the word 'Olympics', and this represents the increasing demand for somewhere to stay when the Games come to London this summer.

Given that there are still five months to go until the event starts, the number of people looking for rental properties is only expected to continue rising, and Zoopla.co.uk reports that there are currently almost 1,000 short-term rent deals available for those who have left it too late to book hotel rooms.

Indeed, such a marked increase in searches for accommodation could see demand outstrip supply if the private rented housing stock in the capital is unable to cope with the numbers planning to stay in the city.

Homeowners who are considering cashing in on the Games through letting property will be taking the risk of having tenants who may not have any references available to review, meaning cheap landlords insurance could prove even more essential during this period.

Considering that the event is expected to attract a variety of visitors from all over the world, people who were lucky enough to secure tickets have a range of options when it comes to choosing somewhere to stay.

Flats from as cheap as £200 a week can be found within walking distance of the Olympic stadium, while those further afield in areas like Notting Hill come with costs of up to £30,000 for a weekly tenancy.

As some Londoners look set to go on their holidays and escape the mania expected to descend on the capital throughout the games, this news suggests they could benefit from offering short-term letting deals to the thousands in need of accommodation when the Olympics take hold of the capital in July and August.